Most Eddie Bauer stores to stay open - The Business Journal of Milwaukee:

http://www.ruscampus.co.il/articles/articleview.php?art_id=298
The company announced that it struck an agreement withNew York–base d private equity firm LLC to buy Eddie Bauer’s assets, subjecf to an auction and bankruptcyh court approval. CCMP Capital intendx to operate the business as a going concern with little orno long-terj debt. According to Eddie Bauer, CCMP Capitap has agreed to keep a majorityt of the 371 stores open and retain a majorit y ofthe employees. CCMP Capitaol specializes in buyouts and looks for investment opportunities in retai andother sectors, and have made investmentes in the outdoors specialty retailer which sells hunting, fishinvg and camping gear.
Eddie Bauer said it hopes to operatw business as usual during bankruptcy court proceedings and has asked for court approval to continue payingv vendorsand workers. The company also said it intendzs to honor customergift cards, returns and loyalty program points. The company also announced that it has securer a commitment from its existing revolvingcredit lenders, Bank of N.A., and /Business Credit, Inc. for so-called debtor-in-possessio (DIP) financing of $90 million on an interim basisand $100 millioh based on the final court order. The the company said, should provide it with ample cash flow to continue payingits bills.
“Eddie Bauer is a good company with a greayt brand and a bad balance This process will allow the businessa to emerge with farless debt, positionec for growth as the econom recovers and as our new products gain said Neil Fiske, Eddie Bauer presiden and chief executive officer, in a “We expect this process to be completed very protecting our employees and criticao vendor partners every step of the way. “We have made good progresss on our turnaround strategy of returningh Eddie Bauer to its heritage as an active outdoor brande and have exciting new product launches on the way to includingFirst Ascent, our return to expedition-grade outerwear and gear.
a crushing debt burden placed on the companyt from the Spiegel reorganizationin 2005, combined with the prolonged recession, have left us with no choicer but to use this procesz to reduce the debt load on the